Annual Report 1998-99
USHA IRON AND FERRO METALS CORPORATION LIMITED
Usha Iron and Ferro Metals Corporation Limited
Your Directors hereby present the 16th Annual Report including the Audited
Annual Accounts for the year ended 30th June, 1999.
During the year ended 30th June, 1999, the turnover of the Company was
Rs.14947.52 lacs, as compared to Rs. 14210.96 lacs in the previous year.
The Company's trading and rolling operations were marginally profitable
during the year and Company has earned a Net profit of Rs. 7.88 lacs.
In view of the inadequate profits during the year, no dividend has been
recommended b the Board for the financial year ended 30th June, 1999.
REVIEW OF OPERATIONS & FUTURE OUTLOOK
The Company's rolling operations at the Vizag plant were under pressure due
to adverse market conditions. The Company is still converting billets for
Rastriya Ispat Nigam Limited besides its rolling activities. It hopes that
the market will improve in future.
During the year no changes have been taken place among the Directors of the
The company has not accepted any deposit from the public in terms of the
Companies (Acceptance of Deposits) Rules, 1975.
During the year there has been no increase in the capital of the Company.
PARTICULARS OF EMPLOYEES UNDER SECTION 217(2A) OF THE COMPANIES ACT, 1956
None of the employees of the Company are covered within the definition of
employees for the purpose of Section 217(2A) of the Companies Act, 1956
read with Rule 2 of the Companies (Disclosure of particulars in the Report
of the Board of Directors) Rules, 1988 during the year ended 30th June,
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE INFLOW
The relevant details pursuant to Section 217(1)(e) of the Companies Act,
1956 and rules framed thereunder are given in addendum forming part of this
report. There has been no inflow or outgo in foreign exchange during the
The retiring Auditors of the Company M/s. Bansal & Co. Chartered
Accountants will hold Office till the conclusion of this Annual General
Meeting, and being eligible offer themselves for re-appointment and the
reappointment, if approved by the members, will be in accordance with the
provisions of Section 224(1B) of the Companies Act, 1956.
Your Directors thank the Government Authorities, Financial Institutions,
Banks and Business Associates for their continued support and co-
operation. The Directors are also pleased to record their appreciation of
the devoted services rendered by employees of the Company at all levels.
For and on behalf of the Board
Place: New Delhi J.R. GUPTA M.L. WADHWA
Date : 27th July, 1999 Director Director
ADDENDUM TO DIRECTORS' REPORT (IN COMPLIANCE TO SECTION 217(1)(e) OF THE
COMPANIES ACT, 1956)
A. CONSERVATION OF ENERGY:
(a) Energy Conservation Measures taken : NIL
(b) Addition investments and proposals,
if any, being implemented for reduction
of consumption of energy : NIL
(c) Impact of the measures at (a) and (b)
above for reduction of energy consumption
and consequent impact on the cost of
production of goods : NIL
(d) Total energy consumption and energy
consumption per unit of production : As per Form A
B. TECHNOLOGY ABSORPTION:
(e) Efforts made in technology absorption : As per Form B
C. FOREIGN EXCHANGE EARNINGS AND OUTGO:
(f) Activities relating to exports;
initiatives taken to increase exports;
development of new export markets
for products and services; and export
plans : NIL
(q) Total foreign exchange
earned : Rs. NIl
Used : NIL
(See Rule 2)
Form for Disclosure of Particulars with respect to Absorption.
Research and development (R&D):
1. Specific areas in which R & D carried out by the Company : NIL
2. Benefits derived as a result of the above: (R&D): : NIL
3. Future Plan of action: : NIL
4. Expenditure on (R&D)
(a) Capital : NIL
(b) Recurring : NIL
(c) Total : NIL
(d) Total R&D expenditure as a percentage of total turnover : NIL
Technology absorption, adaption and innovation
1. Efforts, in brief, made towards technology absorption
adaptation and innovation : NIL
2. Benefits derived as a result of the above efforts, e.g.
product improvement, cost, reduction, product, development,
import substitution, etc. : NIL
3. In case of imported technology (improved during the
last 5 years reckoned from the beginning of the financial
year), following information may be furnished : NIL
(a) Technology imported
(b) Year of import
(c) Has technology been fully absorbed?
(d) If not fully absorbed, areas where
this has not taken place, reasons
therefore and future plans of action.
For and on behalf of the Board
J.R. GUPTA M.L. WADHWA
Place: New Delhi
Date : 27th July, 1999